Yes Bank, FMO (the development bank of the Netherlands), DEG (the development bank of Germany) and Proparco (the development of France) signed a Green Finance Charter for green finance in India.
Through the charter, the four banks committed to mobilize green investments, seize opportunities in India’s sunrise sectors, and contribute to achieving India’s Nationally Determined Contribution (NDC) and Sustainable Development Goals (SDG) targets towards climate change, stated a Yes Bank release.
The Yes Bank also released its first Green Bond Impact Report, highlighting the outcomes of projects financed by the bank’s three green bonds, as of financial year (FY) 2017. The proceeds of the green bonds issued by Yes Bank have helped fund renewable energy projects across nine states of India.
“Green financing has become a propeller of the global sustainability agenda and will play a mission critical role in meeting India’s climate targets. The government’s thrust towards transforming India into a low-carbon economy offers financial institutions and investors an unprecedented opportunity to leverage green financing as a growth accelerator for sunrise and climate positive sectors such as renewable energy. Yes Bank has taken a lead in demonstrating innovative climate financing mechanisms, and catalyzing the Indian climate finance market. We are proud to partner and to facilitate global development banks in expanding their green portfolios in India,” stated Mr. Rana Kapoor, MD & CEO, Yes Bank.
“FMO is convinced that to accelerate green finance and to have a meaningful impact, it is essential that financial institutions, governments and international development finance institutions bundle forces,” stated Ms. Linda Broekhuizen, Chief Investment Officer, FMO.
“We are looking forward to work on sustainable solutions together with our partners Yes Bank, FMO and Proparco to contribute to India’s clean energy transition,” stated Ms. Karin Homermann, Vice President, DEG.
“Green Finance is at the core of Proparco’s strategy, and it is even more true in India and the region,” stated Mr. Guillaume Barberousse, Head of Banking & Capital Markets, Proparco.
Wendy is a co-founder of Mercom Capital Group, the parent company of Mercom India. Wendy is a contributing editor at MercomIndia.com and is responsible for content quality across the company and products. She has over 15 years of business and finance experience in the energy and technology markets. In addition to Mercom, Wendy has written for many other clean energy-focused blogs and publications. More articles from Wendy Prabhu.